Porsche continues to invest in companies producing technology for electric vehicles. The latest investment is in Group14 Technologies.
The company manufactures battery active materials (BAM) for use in electric vehicle batteries in the US, and the company will build a new plant.
As a lead investor, Porsche is raising US$100 million and is leading a Series C funding round in which multiple companies are investing a total of US$400 million (around €328 million).
Group14 Technologies, based in Woodinville, Washington, intends to use the capital increase to accelerate global production of anode material for lithiumion batteries. Before the end of the year, Group14 will lay the foundation stone for another battery active materials (BAM) plant in the United States. In the future, Group14 will also supply the Tübingenbased Cellforce Group, in which Porsche holds a majority stake. Cellforce was founded in 2021 by Porsche and Customcells Holding. From 2024 in Germany, the joint venture intends to produce independently developed highperformance battery cells with silicon anodes for smallscale production, motorsport and highperformance vehicles. Cellforce battery cells are expected to be used in Porsche electric vehicles and highperformance powertrains.
You can learn more about Porsche’s investment in Group14 Technologies on the Porsche website at the link below.
Filed Under: Automotive News, Technology News